The Weekly News Roundup, ending 10 July 2022 – Lending Woes Continue

The CenFi lending platform collapse continues. Celsius is all over the news and it is making its mark with the same impact that LUNA did. Lots of other news on lending platforms, too.

In 2018, we saw the implosion of ICO (Initial Coin Offerings.) In 2022, we’re seeing the implosion of centralized “lending” platforms that we discovered were basically hedge funds. At the same time, legislation that will give definition to tokens and coins are moving through legislative bodies. My personal view is that until that legislation comes to pass, investing in coins/tokens that have central teams that manage the network, code and have done fundraising are vulnerable to regulatory re-definition that can have a serious impact on token economics. Bitcoin is the safe haven.

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Be well, Everyone.

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Articles on Medium this week


The Cost of Crypto Podcast

This Week In Twitter



OpenNode partners Lemon Cash to give Argentinians access to Bitcoin’s Lightning Network

CBDC (are just Surveillance Tokens)

Company / Product / Project News
Solana Investor Sues Project Insiders, Claims Network Is ‘Highly Centralized’



DeFi and Lending CEO Refutes Rumors Of Withdrawal Restrictions
Celsius Lost $350M of Client Funds From ‘High-Risk’ Levered Trading: Arkham Report
Celsius Farmed Out Funds to DeFi Degen
Celsius Network takes affirmative action to stave off bankruptcy
FTX discarded Celsius deal after reportedly finding $2B missing from its balance sheet
Celsius Reorganizes Board of Directors Amid Liquidity Issues
Celsius Lays Off 150 Employees As Withdrawal Freeze Drags: Report
Another Crypto Lender Confirms Exposure to Three Arrows Capital
Crypto Lending Platform Vauld Halts Operations Citing Financial Difficulties
Fresh allegations against Celsius renew calls for EU crypto compensation fund
Voyager Digital files for bankruptcy
Contagion Spreads: BlockchainCom Facing $270M Loss on Loans to Three Arrows Capital
With Litigation Likely, Venture Fund DeFiance Takes Aim at Three Arrows Capital
AUM in Ethereum-Based Investment Products Crashed 50% in June (Report)
Nexo begins due diligence to acquire 100% of struggling rival Vauld
BlockFi confirms it holds 50% of client funds in short-term positions with 10% in collateral
CoinLoan Reduces Withdrawal Limits but Claims No Exposure to Luna, Celsius, 3AC
Tether liquidates Celsius position with ‘no losses’ to stablecoin issuer
U.K. tax authorities seek public consultation on DeFi tax treatment

Price of Bitcoin Exchange KuCoin’s KCS Token Tanks Amid Insolvency Rumors

Fundraising and Sponsorships

US Millennials Own More Crypto Than Mutual Funds: Survey
Prince of Serbia claims unnamed Arab nation on the verge of adopting Bitcoin
Bitcoin faces Mt. Gox ‘black swan’ as trustee prepares to unlock 150K BTC
Almost a quarter of US investors used loans to buy crypto
The New York Times’ Latest Attack On El Salvador And BTC Won’t Age Well, Pt. 2

Implementation and Infrastructure

Metaverse / Web3

Bitcoin Mining Loaner Program Helps Teach Users – Bitcoin Magazine
GPU Prices Decline 57% Since Jan As Ethereum Mining Profits Go Down
Compass Mining Searches for Direction After Top Execs Resign
Blockchain Miner HIVE Receives Letter of Deficiency from Nasdaq
Argo Blockchain Sold More BTC Than What it Mined in June

Nation States (and other political jurisdictions)
Virginia Retirement Systems Invest in VanEck’s Crypto Lending Fund

Reddit’s New NFT Marketplace Opens the Door for Avatar Sales, Trading
CryptoSlam data shows average NFT sell price down 94% from YTD daily high
OpenSea Blacklisted $27M Worth of NFTs, Including BAYC and MAYC: Report [it’s a centralized platform. Know your risks]

Regulation, Legislation & Legal Matters
US Regulators Release First of Many Reports on Crypto Following Exec Order
Indian Crypto Trading Volumes Plunge as New Tax Rules Kick In

Fed conference hears stablecoins may boost USD as global reserve currency


The Wall Street

Time Capsule

Outside News
We’re Witnessing A Stunning Breakdown Of Law & Order, And The Overwhelmed Police Seem Powerless To Stop It – Zerohedge
Coal Emerges Victorious As Sanctions And Green Policies Backfire Spectacularly

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